Money The Australian government is hoping millennials will help save private health insurance

08:21 13 october 2017

08:21 13 october 2017 Source:
Business Insider Australia

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The Turnbull government is hoping to enlist millennials to tackle skyrocketing private health insurance premiums, offering people under 30 a range of incentives if they sign up.

The Australian Government Rebate (AGR) helps you save on your health insurance by offering you a rebate on your premium. The government applies the AGR to support your involvement in private health insurance

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Private health shake-up targets young Australians

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Private health insurers and doctors welcome a major shake-up of the industry that looks set to curb premium rises over coming years, but the Government comes under attack for not banning "useless" policies.More than a dozen changes will be formally announced today, including a discount on premiums of up to 10 per cent for younger Australians.

Most Australians with private health insurance currently receive a rebate from the Australian Government to help cover the cost of their premiums.

· Complete this registration form to receive the Australian Government Rebate on Private Health Insurance as a reduced premium.

The Turnbull government is hoping to enlist millennials to tackle skyrocketing private health insurance premiums, offering people under 30 a range of incentives if they sign up.

Health minister Greg Hunt has labelled the change the biggest reforms to health care in 15 years and "hopes" premium increases, which have risen by around double the rate of inflation for a decade will stabilise as a result. Premiums have now jumped by an 5.6% annual average since 2010.

The government is attempting to arrest falling private health insurance levels among under 30s, which would also help prop up the heavy demand from an ageing boomer generation.

Under the changes, people aged between 19 and 29 would get a 2% discount on their premium annually up to a maximum of five years (10%). The discount will last until age 40.

The Australian government is hoping millennials will help save private health insurance

The Turnbull government is hoping to enlist millennials to tackle skyrocketing private health insurance premiums, offering people under 30 a range of incentives if they sign up. Health minister Greg Hunt has labelled the change the biggest reforms to health care in 15 years and "hopes" premium increases, which have risen by around double the rate of inflation for a decade will stabilise as a result. Premiums have now jumped by an 5.6% annual average since 2010.

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Most Australians with private health insurance currently receive a rebate from the Australian Government to help cover the cost of their premiums.

Currently, the government has a 2% annual loading on premiums for anyone who fails to take out a premium after 30.

But the government will also end rebates on a range of complementary therapies popular with younger people, such as pilates, yoga, tai chi and naturopathy, following a review into the sector by the Department of Health earlier this year.

The changes will also see health insurance offers categorised into Gold, Silver, Bronze and Basic levels in a bid to make it easier for consumers to compare policies.

Access to mental health services will also be improved and waiting periods scrapped, like other insurances, so people will have the option of increasing their excess to $750 for singles and $1500 for families in return for lower premiums.

And in a big win for the insurance industry, the prices they pay for prostheses are set to be cut, responding to concerns from the sector that they were being overcharged prosthetic limbs in private hospitals. Minister Hunt estimates the savings for insurers at $1 billion over four years.

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Australia .gov.au. Helping you find government information and services. Australian Government Rebate on Private Health Insurance .

For more information For more information about the Australian Government Rebate on Private Health Insurance , go to the Department of Human Services website at www.humanservices.gov.au/privatehealth.

“For far too long, Australians have unjustifiably paid the highest prices in the world for medical prostheses. We thank Minister Hunt for helping address this critical issue and guarantee our customers that we will pass on every cent saved through lower health insurance premiums,” he said.

Dr Crombie also praised the focus on mental health and the medal-style ratings system for policies.

"The mental health safety net is an important first step, but the work the minister has foreshadowed to reduce low-value day care admissions and other low value care is also critically important," he said.

Matthew Koce, CEO of peak body HIRMMA, representing 24 not-for-profit and member-owned health funds, said prostheses accounts for around 14% of the cost of an average hospital policy.

"That is why we are pleased to see next year’s prostheses prices cut by $188 million," he said, estimating an average saving of around over $34 per policy.

'Without private health insurance, I probably wouldn't be alive'

When Amelia Morris was hospitalised as a 16-year-old following a suicide attempt in 2015, the last thing on her mind was her private health insurance.&nbsp;As she lay in an emergency ward, she recalls doctors and nurses frantically calling around to public mental health facilities, trying to find a place for her to get help.

• Complete this form and lodge it with your health fund to receive the Australian Government Rebate on private health insurance as a reduced premium. • Please use capital letters and black pen ONLY to complete this application. •

The Australian Government Private Health Insurance rebate is a government initiative to help Australians pay their health insurance premiums. If you have private health insurance (hospital, extras, or a combined policy)

“We are pleased that the minister for health has listened to the concerns of the private health insurance industry and acted to place the interests of consumers before the profits of large international medical device manufacturers," he said.

“We also welcome the efforts to deliver further savings for consumers by improving informed financial consent obligations in public hospitals and improving transparency to address excessive out of pocket charges imposed by some medical specialists.”

Central to the problem faced by the government is that hospitals are charging two prices to patients -- a lesser amount for public patients, while cross-subsidising the public system with higher charges for private patients.

Matthew Koce said the minister's changes are welcome relief for more than 11 million Australians with private health insurance.

“The fact that the Minister for Health has recognised that in order to put downward pressure on premiums, action must be taken to reduce service provider costs in key areas, such as medical specialists, hospital operators and prostheses is welcome,” he said.

Speaking on ABC radio's AM program today, Health Minister Greg Hunt said the changes were about making private health insurance "more affordable and easier to understandable" but he would not guarantee that premiums increases would reduce as a result of the government's changes.

"My hope is that we'll have the lowest premium changes in over a decade," he said.

The government signs off on premium increases as the regulator.

"These are matters for the private sector, but they have guaranteed that they will pass through every dollar," Hunt said.

Calls to save TAFE as vocational training sector reaches 'tipping point' .
With warnings the vocational training sector is on the brink of collapse, experts are calling on the Federal Government to start reinvesting in TAFE.Courses have been cut, campuses have been closed and enrolments are down 25 per cent in the past five years.

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The Australian government is hoping millennials will help save - www.businessinsider.com.au

The Turnbull government is hoping to enlist millennials to tackle skyrocketing private health insurance premiums, offering people under 30 a range of incentives if they sign up.

What is health insurance ? - www.qantasassure.com

The Australian Government Rebate (AGR) helps you save on your health insurance by offering you a rebate on your premium. The government applies the AGR to support your involvement in private health insurance

Australian Government rebate on Private Health Insurance - www.humanservices.gov.au

Most Australians with private health insurance currently receive a rebate from the Australian Government to help cover the cost of their premiums.

Health insurance | australia .gov.au - www.australia.gov.au

Australia .gov.au. Helping you find government information and services. Australian Government Rebate on Private Health Insurance .

Application to receive the Australian Government Rebate on Private - www.cbhs.com.au

For more information For more information about the Australian Government Rebate on Private Health Insurance , go to the Department of Human Services website at www.humanservices.gov.au/privatehealth.

Application to receive the australian government rebate - www.hcf.com.au

• Complete this form and lodge it with your health fund to receive the Australian Government Rebate on private health insurance as a reduced premium. • Please use capital letters and black pen ONLY to complete this application. •

The Australian Government Private Health Insurance rebate is a government initiative to help Australians pay their health insurance premiums. If you have private health insurance (hospital, extras, or a combined policy)

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